Club Management

Overview

Clubs are an integral part of the football ecosystem. This document on club management broadly includes key types of information your club may need to run its operation. It covers your club members, staff and the local community. This document assists clubs by providing some ideas for fundraising, sponsorships and grants, as well as a look into general financial management and governance.

What is a football club?

Football has transcended the sport. It has become a business, one that continues to grow exponentially through the years. The game now runs on numbers, and the numbers can sometimes be shocking as billions of dollars are pumped into the business of modern day football. However, only the cream of the crop enjoy a luxury that allows them to spend at such lavish scales. In reality, for most clubs, it is a struggle to survive the fight.

The business of football

A majority of football clubs are made to work on shoe-string budgets, drawing in revenues from wherever possible to foot the operating costs of a football club. From affording hefty wages to paying the groundsmen, a club's expenditure runs across the board.

Football finance

As the adage goes, it takes money to make money. The team behind a club's finances is usually spearheaded by its treasurer, and is tasked with making sense of the seemingly senseless, taking into account a plethora of aspects such as financial management, taxes, annual reports, sponsorships, endorsements, merchandise, advertising, and fundraising, to name a few.

Club financial management

Clubs often conduct their operations with limited financial resources, which mean that it is essential that these scarce dollars are managed responsibly. The club's treasurer is the key person responsible for managing the club's finances. This document provides a guide to the role of the club treasurer and other useful information for managing a club's finances.

Table of contents

1. Role of the treasurer
2. Things to consider after appointing the treasurer
3. Accounting stationery
4. Bank accounts
5. Cashbooks
6. Bank reconciliation
7. Creditors and debtors
8. Petty cash
9. Budget as a management tool
10. Who should be involved in budget preparation?
11. Cash flow
12. Preparing a budget
13. Budgets and monitoring performance
14. Budget Items List
15. Club budget template
16. Methods of reporting
17. Accounting systems
18. Cash or accrual accounting
19. Monthly reports
20. Budget-related reports
21. Annual financial report
22. Annual income and expenditure statement
23. Annual statement of assets and liabilities
24. Using reports
25. Cost of goods sold
26. Delegating responsibility and control
27. Purchasing control
28. Depreciation
29. Payroll
30. WorkCover
31. Insurance
32. Tax
33. Goods and tervices tax
34. Non-profit sub-entities
35. Fundraising activities treated as input taxed
36. Pay As You Go (PAYG) system
37. Withholding from employees
38. Exemptions from withholding
39. Reporting tax withheld
40. Fringe benefits tax
41. Business activity statements
42. Employment records
43. Superannuation guarantee levy
44. Appointing the auditor
45. Statutory requirements and other reporting compliance
46. Pitfalls in money management
47. Where does the money go?
48. How can these faults be avoided?
49. Association financial requirements
50. Checklist for managing your club’s finances
51. Conclusion

Role of the treasurer

The treasurer is the financial watchdog of a football club. With a keen eye for detail, the person commissioned with the role is trained rigorously follow and keep track of the money trail. A treasurer's functions usually vary from club to club, depending on its size and stature.

Treasurer Responsibilities

Payment

• Making and receiving payments
• Issuing receipts
• Depositing received cash payments

Financial Records

• Updating financial records (income and expenditure) in a timely fashion
• Ensuring all financial transactions are accounted for
• Implementing a control system that promptly detects the possible siphoning of funds

Banking

• Being one of two signatories on club cheques
• Reconciling bank accounts on a regular basis (at least once a month)
• Being a reliable custodian of money
• Handling bank loans, overdraft facilities and mortgages

Accounting

• Providing invoices for approved procurement of goods or services
• Keeping up to date with club’s financial position
• Outlining yearly budgets
• Presenting annual financial accounts for auditing purposes
• Filing annual returns and statement of accounts with the commission for corporate aAffairs

Annual Reports

• Drafting annual reports
• Preparing and presenting financial statements at committee meetings
• Breaking down club’s cash flow to the management committee

Financial Planning

• Handling investments
• Using excess funds as investments
• Identifying prospective sources of income and expenditure for upcoming calendar year

Taxes

• Handling tax returns
• Complying with good and services tax (GST)
• Ensuring validity of invoices

Treasurer Traits and Functions

There is a correlation between the traits and functions of a treasurer. Trusted with the reins of a club’s financial management, a treasurer should possess qualities that enable him or her to ensure that the company’s financial position remains in good standing.

Traits	Functions
Integrity	Zero tolerance for misappropriation
Responsible	Capable of handling large amounts of cash
Observant	Eye for detail
Methodical	Keeping track of cash flow
Good communicator	Proficient writing/speaking skills
Good timekeeper	Ensuring up-to-date records
Reliable	Always available for adhoc matters

Accounting Stationery

In order to successfully fulfill their role as club treasurer, treasurers will need the following items of stationery:

• Cheque books.
• A numbered receipt book with carbon copy page.
• A file for accounts payable.
• A file to store receipts from accounts paid.
• Tax invoices (for GST registered clubs).
• Bank deposit books.
• A cashbook or general ledger.
• Account forms for members’ subscriptions.
• File of orders placed with suppliers.
• A file to store bank statements. (a statement of the club’s account at a bank)
• A petty cash payment voucher/book.

Bank Accounts

Most football clubs, amateur or professional, primarily prefer to utilise cheque and savings accounts. When opening a bank account, several customary forms of identification are required when submitting an application form, such as driver's license, birth certificate and passport.

Cheque Account

It is imperative to stick to the basics when writing cheques.

• Write full name of payee.

• If cheque is to be paid exclusively to a payee, cross out “or bearer” and “not negotiable”.

• Ensure accuracy of date to avoid illegal implications of post-dating.

• Total amount should be shown in written and numerical forms.

• Write club’s postal address on the back of cheque, together with the invoice/account number.

• Fill in the butt as a crosscheck for your monthly bank statements.

• Two authorised signatories, including that of the treasurer’s, must be on the cheque.

• Always obtain receipts upon payments.

Savings Account

Opening a savings account for a football club at a bank is a straightforward process. It is similar to starting a personal account.

• Choose a bank that is conveniently accessible, ideally one that is located close to the club’s base
• Bring along forms of identification (driver’s licence/identification card/passport)
• Bring along initial deposit required (depends on bank) to start a new account
• Preferably, opt for a bank that offers no-fee for both savings and checking accounts
• Select a bank that operates on extended hours/weekends to accommodate urgent needs
• Complete all the necessary paperwork and open the account under the club’s name
• Include all names of individuals who will need account access - typically club president, secretary and treasurer

Cashbooks

The everyday transactions of the club are kept and meticulously jotted down in a cashbook. Record receipts in the front of the cashbook and payments at the back.

The numbers are tallied at the end of the month against bank statements to check for any discrepancy.

To give a fair understanding of the club's financial position, it is important to identify sums that are owed to and by the club, and present them to the management committee. This will allow the committee to formulate methods to redeem outstanding payments.

Cash-flow problems are not uncommon in any business, and this can lead to debts to creditors. This issue can easily be mitigated with a courtesy call to the creditor(s) requesting for additional time for payment.

The cash balance can be determined by totalling the receipts and deducting the payments. However, among the factors that may affect the outcome are bank charges, invalid cheques and direct credits/debits from other accounts.

Receipts

Receipts are usually recorded in accordance with the income type (normally in the amounts column) in the cashbook. Receipts are entered in the banked column when the money (typically an accumulation of all figures since last banking) is banked.

Each individual amount should be listed by a banking date. This method facilitates cross-checking, which helps ensure accountability.

Money yet to be banked should never be used for any purpose as problems may arise when drafting monthly or annual financial statements.

Therefore, it is important that all incoming cash and cheques be banked immediately upon receiving them.

All receipts should be tallied at the end of each month for the purpose of monthly, quarterly or annual reports.

Payments

Record payments in the cashbook according to their type (usually in the expenditure side of the budget). Record cheque details in the amounts column each time it is issued to give a clear indication of the total club expenditure.

All columns should be tallied at the end of each month so that comparisons can be made to see if the expenditure is in tandem with the budget.

Every received account must be paid on its terms, generally between seven and 30 days from the day a supplier issues an invoice.

The treasurer is also tasked with preparing cheques for payment approval, although he/she does have the authority to make payments between meetings. This extra step to have payments ratified is usually for budgeted items. For major expenditure, authorisation should be recorded by the committee minutes.

In any case that the club is unable to submit a due payment, the treasurer should contact the payee to try to seek a solution. Among the recommended solutions is splitting the payment - a percentage of the sum being paid immediately and the remainder the following month.

Bank reconciliation

Bank reconciliation is the process of checking the details of bank records against the cash records of the club. Reconciliation statement shows the differences between a club's ledger balance for cash and the balance in the bank's record (statement). The difference can be explained by unpresented cheques and/or unrecorded deposits.

How to perform a bank reconciliation:

1. Ensure amounts on the statement correspond with amounts in the checkbook.
2. Record bank balance in designated area on the back of the statement.
3. Add deposits (if any) not noted on the statement
4. Deduct outstanding uncashed checks.

Contact bank if adjusted balance does not tally with checkbook balance.

Creditors and debtors

Creditors are parties (usually banks, companies or suppliers) to whom the club owes money. Debtors are parties that owe money to the club. The parties involved are traditionally participants in business transactions involving any goods and services.

It is crucial for the club treasurer to diligently keep track of what the club owes and vice versa (credits and debts) to have a clear understanding of the financial position of the club.

Petty cash

Petty cash is small amounts of money held to pay for minor items of expenditure, of which all transactions are recorded and receipts retained (typically using petty cash vouchers available at a regular stationery store).

A petty cash book - rather than the club's cashbook - should be used to record petty cash expenditure, which usually involves amounts of no more than $20.

The treasurer usually determines the amount of petty cash that should ideally be on-hand. This on-hand cash (referred to as float) should be kept in a safe place. Petty cash can be used to reimburse members who use their own money for approved purchases of small items, as long as as they have receipts as proof of purchase.

Budget as a management tool

The treasurer plays a key role in ensuring that the club budget is set at the beginning of each year. Failing to plan is planning to fail in this regard. A budget is seen as the main playbook that is used by the club to dictate its financial plans and operations for the year.

A budget gives a club greater control with regards to its finance. The size of a budget largely depends on the stature of the club. However, regardless of how big the club is, a budget acts as a manifesto in the club's mission to achieve its financial goals within a 12-month period.

A budget is outlined in a way that addresses all areas of the club that require improvement or maintenance. It is also used to measure the club's performances in those areas.

However, funds are not fixed to any specified projects despite being outlined in a budget. Funds can be moved from one project to another if necessary.

A budget helps the club adopt a more systematic approach to its month-to-month expenditure. It is advisable to break down all activities involving the budget at the end of each month to measure their progress against the outlined targets.

A budget would give the treasurer or the committee a heads-up on the progress of projects, and a timeframe to decide if there is a need for a contingency.

Preparing the budget

While the treasurer is the focal point when preparing a budget, it is vital to involve all stakeholders when allocating funds to areas that need them. Having a buddy system in place by working in a group would help prevent the possibility of an oversight pertaining to important matters.

Adopting a holistic approach by involving club members in the decision-making process would create a sense of ownership among the stakeholders.

The treasurer must conduct an in-depth analysis of the club's accounts when drafting a budget to have a clear picture of the cash flow. The treasurer should also analyse the club's strategic plan to establish areas of potential income or expenditure for the year ahead.

The budget can be used to identify projects that take place later in the year so that funds from there can be channelled into other areas as investments - typically those that are of high interest and short-term.

Cash flow

Cashflow is the amount of hard cash that is available to the club to spend at any one time.

It is important to expect the inevitability of seasonal cash inflow and outflow when projecting the club's income and expenditure in a budget.

Given the seasonal nature of sports clubs, predicting periodic income and expenditure helps ensure the club has hard cash readily available when a need arises, especially during high expenditure season.

Typically, the beginning of a season sees expenditure on the higher end, given that a club tends to stock up its inventory during this period

Preparing a budget

The five points listed below can be used as steps in preparing a budget:

1. Establish sources of income and expenditure. Calculate inflation adjustments for estimates of budgeted areas. Identify areas for potential cost-cutting.
2. Define each listed item to give a clear understanding of how much money should be allocated to a certain area.
3. Involve all stakeholders to decide on type of budget - yearly or monthly - best suited to the club’s needs.
4. Establish realistic targets when setting a budget. Unrealistic expectations will do more harm than good as they may turn members away from taking part in the process. Take into consideration the club’s performances on the pitch as this will have a direct impact on the establishment’s financial standing.
5. It is inevitable that the first draft of a budget requires readjustments. During the year, there will be instances of planned projects being at risk of incompletion due to lack of funds. This normally happens when income falls short of expenditure. The treasurer should then seek ways to balance the books by reducing expenditure, particularly in bigger projects.

Budgets and monitoring performance

It is imperative that the treasurer keeps a keen eye on cash flow, profit and budget to ensure that the club's financial position retains a healthy state.

The use of Key performance indicators (KPIs) enables the treasurer to establish a budget's financial problems. The budget allows the treasurer to conduct a comparison between results and expectations.

A treasurer should take down notes to be used for the future when preparing a budget.

Projected expenditure and actual expenditure may be of significant contrast especially in the first year of a budget plan; hence notes will help tweak expenditure estimates to more accurate numbers in the future preparations of a budget.

Budget items list

The following is a list of budget items that can be used by your club. Make adjustments according to your club’s specific requirements.

Club budget template

Following is an example of a budget template. Subtract items that are not applicable.

Methods of reporting

The treasurer is tasked with presenting the club's financial reports to the committee on a monthly basis. The overall financial performance should be compared with the club's budgeted performance in a presentation during the annual general meeting (AGM) for financial reporting.

Accounting systems

It is the treasurer's responsibility to inform the management on the method of accounting used - be it cash or accrual-based accounting. Steps of mitigation should be taken if the club suffers losses at any point. Failure to do so often sees the snowballing of debts.

If a club is due GST contributions, the GST percentage should not reflect on the figures of the club's revenue report. The club's expenditure should also not include GST input tax credits.

Instead, GST should be regarded as amount receivable (from the tax office to the club) or amount payable (by the club to the tax office).

For non-GST clubs, however, the total amounts should be included in the revenue and expenditure.

18. Cash or accrual accounting Cash accounting involves cash-only transactions without the inclusion of credit purchases.

Accrual accounting, however, records both cash and credit transactions. This makes it the most effective method to accurately appraise the club financial position when preparing financial statements.

Monthly report

The treasure must compile financial reports every month to be presented at monthly meetings. The treasurer can reconcile accounts by using a cashbook and list the number of creditors and debtors. This type of reports consists of basic information that may come in handy in the management committee's decision-making process.

Budget-related report

A budget-related report contains information that is much more in-depth compared with a monthly report. This report gives management committee members an avenue to monitor the club's income and expenditure to facilitate the decision-making process on a budgeted target.

Budget-related reports are mainly based on the cashbook and annual budget. Once these two are established, the compilation the report as a task becomes much easier.

Figures involved with the income and expenditure's budgeted items should remain unaltered for the year. Figures at the end of each month should be tallied and added to the year-to-date column under the cashbook.

Monthly financial reports are derived from reconciliation statement for bigger clubs as this provides a better understanding of the club's financial position.

Annual financial report

The annual financial report that is to be presented at the Annual General Meeting (AGM) mainly consists of two statements - income and expenditure as well as assets and liability.

These statements reflect the club's financial position (Eg: profitability, net worth) from a year's worth of activities. The report should compare current figures to those of previous years to help members gain insights into positive and negative changes.

Receipts and payments summarised in the cashbook are used to help compile the annual report, which should be distributed to members involved with the AGM prior to the high-level meeting.

Annual income and expenditure statement

The club's financial gains and losses are recorded in the annual income and expenditure statement. Also known as financial performance statement, it is normally compiled by the club's treasurer based on cashbook figures.

Annual statement of assets and liabilities

An assets and liabilities statement shows what the club owns and what it owes, with the difference between them both reflecting the club’s net worth.

Using reports

It is important to use reports to find out the reasons that contributed to the differences between the club’s actual income and expenditure figures and those projected in the budget.

Addressing these areas of concern will help avoid similar problems in the future and improve the club’s financial operations.

Cost of Goods Sold (COGS)

Among the items that should be accounted for under Cost of Goods Sold (COGS) are playing gear, bar stock, canteen stock and merchandise.

Delegating responsibility and control

A club’s range of operations is vast in nature. Among other aspects, it includes collecting gate receipts, subscriptions, gear payments, social function money, raffles, canteen, bar, paying trainer and referee. It is, therefore, pivotal that the treasurer has a team of dependable colleagues to work with.

It is advisable for each section manager to record daily receipts and expenditure in a sub-general ledger or exercise book and then reconcile them with the treasurer at the end of the day. The section manager should also record the physical stock at hand in the exercise book, and have another person to confirm the numbers to ensure there is no discrepancy.

Purchasing control

Overspending is especially notorious at amateur clubs, where it is run without proper financial protocol. It is the treasurer's responsibility to establish rules to avoid such instances.

The treasurer should appoint the right number of people allowed to make purchases on the club's behalf and set a cap on spending amounts. These measures are critical to eradicate the culture of reckless spending and avoid cash flow problems.

Should there be a need for a purchase that is above the capped price, the purchaser can make submit a requisition form to the committee.

Depreciation

Depreciation can be defined as the waning value of an asset over the course of time.

Many assets of a football club depreciate, some even being rendered obsolete, as a consequence of the advancements in technology.

Among the factors to consider when applying depreciation are:

• An asset’s depreciated value does not necessarily correspond with its market value.
• There is no cash movement in the cost charge in depreciation.
• The amount charged is not set aside for the future replacement of the depreciated asset.

Payroll

A payroll provides a summary of gross income, net income and the tax on payments made to employees. Some the club's payroll is paid employees, while others are unpaid volunteers,

Whether a club is amateur or professional, it is essential to have an established payroll system. Along with vouchers for written cheques, a record of payroll summary should be passed to the auditor.

WorkCover

A football club should subscribe to a WorkCover insurance policy for each of its worker, regardless of whether they are employed on a full-time or part-time basis.

This policy pays out compensation in the unfortunate instance of a worker suffering a physical injury in the course of duty.

Prevention, however, is better than cure. In order to avoid occupational hazards, a club should enforce its state's workplace health and safety laws.

However, should an unfortunate incident take place, it is the club's responsibility to facilitate the worker's eventual return to the workforce.

Insurance

Like other major entreprises, insurance is an essential element of a football club's safety net.

Despite having the stringest safety measures in place, accidents can still happen. Having a good insurance policy allows the insurance company to absorb the headache of financial risk, and absolves the football club of added unforeseen woes.

Although it is vital to subscribe to an insurance policy, a club should first and foremost ensure a safe environment for all its members by employing a risk management plan to reduce potential risks.

This insurance coverage should not be mistaken for general insurance that provides coverage for risks such as fire, business interruption and burglary. For these, the club should seek a solution by contacting its local broker.

32. Tax Tax calculations can be a complex task, and they are made even more complicated with the inclusion of the Goods and Services Tax (GST). It is the role of the treasurer to ensure that the club's financial reports comply with GST.

33. Goods and services tax Simply put, goods and services tax (GST) see a tax of 10 per cent imposed on the supply of goods and services. Most non-profit companies can make credit claims (input tax credits) for GST paid in acquisitions related to GST-free supplies.

GST-registered entities can claim input tax credits for the GST included in the price of goods and services. Companies not registered for GST, however, are not allowed to charge GST.

Non-profit sub-entities

Non-profit entities that are exempt from income tax are mostly involved with small-scale activities. A sub-entity should be regarded as a separate entity from the company if it maintains independent account systems and operates in independent places for activities.

Fundraising activities treated as input taxed

Charity-related fundraisers can be input taxed. Among such events are gala shows, fetes, balls, mini-concerts and exhibitions. However, input tax credit cannot be claimed on the operating costs of the events.

Pay As You Go (PAYG) system

The Pay As You Go (PAYG) system consisting of two components - withholding and instalments - that allows clubs to withhold tax from payments. These payments include salaries paid to employees, sums made payable to suppliers whose tax invoice do not have business number and voluntary payments.

Football clubs registered as non-profit entities are part of the PAYG withholding arrangements.

Withholding from employees

Clubs are required to withhold a certain amount (using PAYG instalment tables) from payments to employees under the PAYG system. These amounts should be remitted with the tax office along with the Business Activity Statement (BAS).

The club must withhold amounts under PAYG from payments such as:

• Salary, commission, bonus or allowance.
• Termination compensation, pension and annuities.
• For work or services rendered by suppliers without a business number on their invoice.

Exemptions from withholding

Instances that are exempt from withholding are:

• The entire payment is exempt income.
• The sum involves a payment of not more than $50.
• The individual is making a payment for private or domestic supply.

Reporting tax withheld

The club should submit an annual report to the tax office at the of a financial year. The tax office will reconcile withholding payments received in that year.

Fringe benefits tax (FBT)

Fringe Benefits Tax (FBT) is separate from income tax and is paid by employers that provide fringe benefits. Depending on conditions, companies exempt from income tax may still be obliged to comply with FBT.

FBT is calculated based on the fringe benefit value. Fringe benefits for employees may include an enterprise providing a company car for personal use, contributing to private health insurance or providing affordable accommodation.

Business activity statements

Obligations and entitlements pertaining to taxes such as GST, FBT and PAYG withholding amounts should be reported to the tax office using the Business Activity Statements (BAS). This form must be submitted on a monthly or quarterly basis.

Employment records

Employment records contain basic but confidential information that facilitates the calculation of the salaries of employees. It is vital that these records are kept in confidence in a secure location as they are also pivotal in matters relating to legal issues.

Among the confidential information kept in employment records are:

• Full names, address, contact numbers.
• Tax file numbers.
• Employment start date.
• Holiday leave.
• Days taken off, sick leave, emergency leave, bereavement leave, maternity leave and etc.

Superannuation Guarantee Levy

Superannuation Guarantee Levy (SGL) is a mandatory payment made to employees.

All clubs, including those that are income tax-exempt, are required to contribute to the government's SGL as long as they have a payroll.

It is the club treasurer's responsibility to determine whether the club should provide the minimum SGL to employees.

Exemptions for SGL are made for employees paid less than $450 per calendar month, aged over 70 or under 18 or employed part-time (less than 30 hours per week).

Appointing the auditor

An auditor is responsible for assessing financial records to make sure that they are a true and accurate reflection of the club's financial operations.

It is normal practice to appoint a voluntary accountant to audit the club's financial records, as long as he or she given adequate time to sift through the books as the whole process is time-consuming.

Incorporated clubs are legally obliged to have their finances audited prior to the AGM to be presented to committee members. It is not uncommon for an incorporated club to appoint a chartered accountant or a bank manager as an auditor.

Unincorporated clubs may seek for a local auditor in the same field of profession to do the job on a voluntary basis.

Among the records an auditor will examine are:

• Cashbooks, journals and club ledger.
• Bank statements.
• Deposit slips.
• Cheque butts.
• Receipt books
• Vouchers for payments made.
• Paid cheques from bankers.
• Copy of latest audited statement of accounts.
• Financial statements and documents

Statutory requirements and other reporting compliance

Incorporated associations must submit annual accounts to the Office of Fair Trading upon having them approved by members of the association.

Pitfalls in money management

A large amount of time is invested in the bid to raise funds via sponsorship, fundraising, social functions, gate tickets as well as food and beverage sales.

Unfortunately, it is understood that not enough is being done to monitor where the proceeds from these activities are channelled to after the events.

With a better (fundamentally more transparent) financial tracking system in place, the club will be able to eradicate any possible funds misappropriation and ensure higher profit margins.

Where does the money go?

Fundraising and charity events are meant to raise funds. Ironically, however, clubs tend to suffer major losses when organising such events.

This is caused by a number of factors pertaining to the lack of efficiency in financial management.

Among the faults are:

• Cash payments to players.
• Payment agreements made without committee approval.
• Food and beverage volunteers not formally informed of pricing.
• Players handing out non-complimentary food and drinks to friends and family
• Gatekeepers allowing friends and family to enter stadium for free.
• Gatekeepers on fixed pay regardless of volume of ticket sales.
• A single person in charge of ordering and paying for stocks at bar and canteen.
• Sponsorship agreement terms and conditions not in writing.
• Contra sponsorships not a representation meaning value to club
• Inefficient cash management when organising social events.

How can these faults be avoided?

A club has to adopt a system that emphasises efficient financial control and correct role assignments to ensure that the club is on the path towards greater financial health.

It is vital to channel receipts and payments to their functional departments (sponsorship, bar, canteen social events, etc) that have been identified by the committee.

It is the treasurer's responsibility to handle the overall management of the club's finances and delegate day-to-day financial operations to sub-committee members from the various functional departments.

It is the treasurer's duty to remind personnel that cash payments or cheques should not be made without receipt or invoice.

League/association financial requirements

Different leagues and associations play by different sets of rules. The treasurer is responsible for being well-informed of the league's financial recording and reporting requirements.

Checklist for managing your club’s finances

The financial management of a club is a tedious process that comes with a slew of unrelenting responsibilities. The checklist covers a host of subjects related to financial management and helps ensure the smooth operations of the club’s busiest department.

Conclusion

Like most institutions, finances are arguably the most pivotal engine in the running of a football club. The efficiency and effectiveness of financial management can make or break a club.

It is vital that all stakeholders, particularly the club's treasurer, understand their roles in preserving the financial integrity of the club by fully accounting for every drop of its financial resources.